XINNIX SOAR FINAL EXAM WITH COMPLETE 350 QUESTIONS AND SOLUTIONS LATEST UPDATE JUST RELEASED THIS YEA

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XINNIX FINAL EXAM WITH COMPLETE 200 QUESTIONS
AND SOLUTIONS LATEST UPDATE JUST RELEASED THIS
YEAR

Question: If your borrower is being relocated and needs to close in 30-days, and their spouse
will not be moving for 3 months, the spouse's income can still be used to qualify. - CORRECT
ANSWER✔✔False


Question: Based on the following scenario, does the borrower qualify within the FHLMC
guidelines?
PITI: $1,375 monthly
Income: $4,950 monthly
Debt: $350 car payment, $420 student loan ($4,500 balance), $75 credit card payments ($850
balance). - CORRECT ANSWER✔✔No


Question: One month of the borrower's current house payment must be included when
calculating the new loan amount for a cash-out refinance - CORRECT ANSWER✔✔True


Question: The qualifying rate for a 7/1 ARM is 2% above the start rate. - CORRECT
ANSWER✔✔False


Question: Churning schemes usually involve falsified down payment amounts and falsified
appraisals. - CORRECT ANSWER✔✔False


Question: A borrower can use a credit card to pay for their required down payment - CORRECT
ANSWER✔✔False


Question: A borrower's income is a factor considered when determining the principal limit
(maximum loan amount) for a reverse mortgage. - CORRECT ANSWER✔✔False

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Question: A 30-year conventional loan with an 87% LTV would require 25% mortgage insurance
coverage. - CORRECT ANSWER✔✔True


Question: A borrower that is self-employed (Schedule C) will typically not be required to
provide a YTD paystub. - CORRECT ANSWER✔✔True


Question: Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) -
CORRECT ANSWER✔✔True


Question: A fixed-rate second mortgage has the loan amount fully disbursed at closing.
Monthly payments are amortized over the term of the loan. Once the balance is paid off the
mortgage is closed. - CORRECT ANSWER✔✔True


Question: A borrower must qualify at the note rate on a temporary buydown, not the start rate.
- CORRECT ANSWER✔✔True


Question: A lender must notify an applicant of action taken within 30 days after receiving a
completed application concerning the lender's approval of, counteroffer to, or adverse action on
the application. - CORRECT ANSWER✔✔True


Question: A veteran has the ability to transfer a portion of their entitlement to another veteran.
- CORRECT ANSWER✔✔False


Question: 1. Gross rent may be considered effective income when an applicant is planning to
rent their current residence after closing on the purchase of their new home. - CORRECT
ANSWER✔✔False


Question: Based on the following scenario, does the borrower qualify within FNMA guidelines?
PITI: $1,725 monthly

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Income: $7,000


Debt: $700 car payment, $375 student loan ($2,250 balance), $170 credit card payments
($1,530 balance - CORRECT ANSWER✔✔No


Question: YTD paystubs will be required from a borrower that is self-employed (Schedule C). -
CORRECT ANSWER✔✔False



Question: The maximum LTV for an FHA purchase is 97%. - CORRECT ANSWER✔✔False




Question: FNMA and FHLMC are fully backed by the U.S. Government - CORRECT
ANSWER✔✔True


Question: The Correspondent Lender is the "end" lender in a mortgage banker's transaction -
CORRECT ANSWER✔✔True


Question: A stand alone second mortgage is obtained separately from a first mortgage. -
CORRECT ANSWER✔✔True


Question: Except for high-cost areas, the maximum loan amount on a 1-unit, single family
residence is $510,400. - CORRECT ANSWER✔✔True


Question: When using automated underwriting for a FNMA loan, DU will determine the
borrower's reserve requirement for an investment property. - CORRECT ANSWER✔✔True


Question: Gross rent may be considered effective income when an applicant is planning to rent
their current residence after closing on the purchase of their new home - CORRECT
ANSWER✔✔False